This past year’s declines in local and international markets have had their beginnings at different points in time. This chart below, produced by the fine folks at Bespoke, pays no attention to their timing. Its not a pretty picture, but the perspective sure is useful. Often, we are subjected to guided reporting, where issuers or promoters use numbers and moving averages that “soften” the real numbers.
Canada comes out on top!
Here below is what most investors really want to know; How did they perform from peak until now, irrespective of timing?
After declining 4.25% on Wednesday, 3.94% yesterday, and 3.75% today, Russia’s RTS index is now 41.19% below its 52-week high. These declines put it second to last behind China when looking at recent equity market returns for 22 major countries. As shown, China has fallen 64% from its 52-week high last October! The declines recently in global equity markets have really been astounding. Japan, Spain, Brazil, India, Italy, South Korea, Singapore, Sweden, Taiwan, and Hong Kong all join China and Russia with equity markets off at least 30% from their 52-week highs. North American countries rank 1,2,3 as far as countries holding up the best. International exposure has never hurt so bad.
Here are Bespoke’s unbeatable trading range charts for 22 key equity markets around the world. The light blue shading represents one standard deviation above and below each index’s 50-day moving average. The green shading represents between one and two standard deviations below the 50-day, and vice versa for the red shading. Most countries continue to trade into oversold territory, but some have been getting hit extra hard while others have rallied off of their lows. Some countries that failed to bounce off the July lows include Brazil, China, Hong Kong, Malaysia, Mexico, Russia and South Africa. On the other hand, India, most of Europe, and the US have come off their lows and are testing their 50-day moving averages.
June 24, 2008 - Courtesy of Bespoke Investment Group - The recent selloff in equities has really spared no one. As shown in our trading range charts below of 22 major country indices, the trend has been down across the board in recent weeks. Even Brazil, Mexico and Russia, who had all held up relatively well this year, have sold off quite a bit. Currently, 19 of the 22 countries are trading in oversold territory (Canada, Japan and Russia are neutral). European countries like France, Germany and Italy have really taken it on the chin, while China and India remain the biggest losers in 2008. After forming short-term uptrends off of the March lows, global equity markets have now lost most of their gains and are looking to move back into downtrends.
Donald Coxe: Capitalism Faces its Greatest Challenge
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Year to Date World Stock Market Returns
Is this a buyer's market or what?
Look at Russia; although most folks aren't interested (but should be) Russia is not only off by -64.5%, its valuations have compressed to 4.3 times trailing earnings. China stocks are down -64.3% is fetching 14.55
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Wise Words
Brave men rejoice in adversity, just as brave soldiers triumph in war. — Seneca
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Wall Street Journal's What's News, Nov. 18, 2008by The Wall Street Journal
Yahoo CEO Jerry Yang will step down and Senator Harry Reid has pledged to press ahead with legislation to help automakers
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